Simultaneously, Vietnam's yarn exports increased by 66 per cent year-on-year to $374.401 million. In volume terms, the country saw an 83.7 per cent increase, exporting 161,863 tons of yarn in January 2024. On a month-on-month basis, yarn exports gained 3.7 per cent in terms of value and 4 per cent in terms of volume.
The US remained the primary market for Vietnam's textile and garment exports, accounting for 42.20 per cent, or $1.322 billion, in the first months of the current year. Japan and South Korea were also major markets, with exports totalling $386.689 million and $285.404 million, respectively.
Regarding yarn exports, China received 49.29 per cent of Vietnam's total shipments, amounting to $184.554 million. India was another significant recipient, with shipments valued at $4.840 million in January 2024.
As for the imports, Vietnam's cotton imports reached $289.711 million, a 63.3 per cent rise from January 2023. The imported volume was 146,365 tons during this period, a 109.3 per cent jump year-on-year. The country also imported 106,514 tons of yarn, valued at $222.155 million, reflecting a 63.3 per cent decrease in value and a 75.7 per cent reduction in volume. Additionally, fabric imports totalled $1,175.325 million, up 25.6 per cent.
During the last year 2023, Vietnam's textile and garment sector experienced a decline of around 12 per cent to $36.230 billion. The Vietnam Textile and Apparel Association (VITAS) had set an export target of $48 billion. In 2022, Vietnam's textile and garment exports grew by 14.7 per cent year-on-year to $37.5 billion but fell short of the $43 billion target. In 2021, exports in this sector amounted to $32.750 billion, a 9.9 per cent increase from 2020's $29.809 billion.
VITAS has reduced the export target of $44 billion for textiles, garments, and yarn for 2024 due to falling export demand in the global market.
ALCHEMPro News Desk (KUL)
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